![The reality of trying to escape the tax man. [843x811 - 120KB]](https://pic8.co/sh/cfAKoG.jpg){kind=link}
Nah - you don’t need to get that far to start winning the tax game. Start a business selling microwave food on Facebook, and you’ve got hundreds in write offs each month - computer, phone, internet, office, car, gas. You don’t need to make any money doing it either
You don't need to make Money? Wtf are you talking about.
If you have a business, it doesn’t need to show a profit - you just have to have a business and put money in it. From the IRS perspective, you write off those losses.
If you have a dog poop scooping business, and you “attempt” to make money, that’s all that matters. Tour phone you use to make calls, your internet where you attempt to schedule business, your office in your house - all can be written off. Say it costs you $10k in bills per year, those are all business losses, and offset the taxes you pay
It’s very rudimentary and oversimplified, and you should talk with an actual accountant before attempting it, but the long and short of it is business are taxed on profits. If you have more losses than profits, you’re not taxed.
$100k day job -$30k because of income tax -$10k in side business losses and expenses +$10k in tax refund.
If it isn’t making any money what are you writing off? W2 income?
You’re writing off losses incurred by your side business.
I’ve oversimplified everything, and to really use this, you should work with an accountant.
https://www.curleyrothman.com/blog/how-will-your-business-be-taxed-on-profits
Right but isn’t there a limit to this? I’ve heard the kike IRS can declare your side biz as a hobby and ask for all the taxes at once.
Right but the thing they don’t mention is if you run a non profitable business for a few years the IRS can audit you and force you to pay the taxes back. They’ll call your business a “hobby” and take back all those deductions.
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